Harvest Rewards Week 4 Launch 🚜

Harvest Rewards Week 4 Launch 🚜

By Chad Farmer | Harvest.finance | 23 Sep 2020


“Farming isn’t a battle against nature, but a partnership with it. It is respecting the basics of nature in action and ensuring that they continue.” — Jeff Koehler

To All Farmers,

As another 🌾 bountiful harvest awaits us in Week 4, we continue to mature and industrialize our farming work with many partners and collaborators. In just three weeks, many have noticed what we have been doing for the defi ecosystem because of the amazing community we have. If we continue to ask places like DeFi Pulse, Zapper, and Zerion to add more complete data, it will happen.

🆕 Some of the updates this week include a CREAM collaboration, new exchange listings, and our first community Meme winner! Our community has grown to over 9,000 farmers and collectively, we have made millions in profit for farmers since launch.

 

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🚜 In addition, we will continue to make the farmland more fertile and add FARM incentives for staking UNI pairs. We will also be incentivizing a Creamswap pool for the first time as we deepen our collaboration across the defi universe.

 

Updates:

🔥 Burning 5846.9 $FARM

📈 Enabling WETH Deposits

💡 New UNI Strategy with $FARM Rewards

💰 Enabling the VWAP bot

🔐 Incentivized lock-up mechanism with further incentives from the profit sharing pool incoming

🌅 Exchange listings on 1inch, DeFiPulse, and more later this week…

 

🤝 CREAM Collaboration

Last week, we introduced our first WETH strategy to earn yield through CREAM’s platform.

This week, we’re happy to announce the next step of our collaboration with CREAM.

Starting today, FARM holders will be able to deposit into a 80/20 ETH/FARM Pool on CREAM’s platform. In addition, if there is enough liquidity in the pool, FARM will be eligible to become a lending and borrowing asset on CREAM’s platform. In turn, Harvest will also incentivize a CRPT pool that will yield FARM for the week. You can view it under the Earn/Stake Tab.

What other DeFi projects would you like to see work with Harvest? Have your voice heard in the #defi-collaborations channel in our Discord to be a part of the conversation.

Help us talk to DeFi projects that could benefit from an integration with Harvest or fASSETs (for example if they want to provide yield-bearing stablecoin or bitcoin products in their app).

 

🛡 Audits:

We currently have three audits in progress with one finishing up this week⏳. Status and timelines are as follows:

🕵️‍♂️Certik

  • Initial audit report received, there are no major findings. Preparing for the final report, hopefully to be released later this month.

👮‍♂️Peckshield

💂‍♂️Haechi Labs

  Exchange Listings Galore:

Thank you to the community for continuing to share FARM with your favorite exchanges.

🗒️ We’ve recently been listed by 1inch where you can now place limit orders on your FARM. Additionally, we are also listed on Hotbit and Gate.io.

⛳ Next stop, Binance and FTX. If we all contact them from different directions it’ll happen.

 

 

🤖 Enabling the VWAP Bot

The team has built a VWAP bot to perform automated selling of the team’s FARM treasury. The bot is programmed to minimize price impact by only selling gradually on upticks and as a small % of market volume. This algorithm minimizes market impact while making sure that the builders are paid for their efforts.

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As we continue to ship new features and strategies on a daily basis, we will begin using the VWAP bot to provide the resources necessary to maintain the sustainability of Harvest Finance. This programmatic approach is one of the most sophisticated and light-touch ways to manage a treasury.

 

 

👷‍♂️ Meme Contest Winners

We had over 100 submissions and 218 community voters rate from a highly competitive pool of submissions. If you missed out, we plan to do it again very soon.

Some examples:

🥇 1st place : https://twitter.com/F3alimi/status/1307230681404182528

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🥈 2nd place : https://twitter.com/Geo47319865/status/1304516999935123457

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🥉 3rd place : https://twitter.com/blujunk/status/1306446725540798465

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💹 Week 4 Farming Incentives :

1️⃣ In week 1, 57569.1 $FARM were issued (mint 123).

2️⃣ In week 2, 51676.2 $FARM were issued.

3️⃣ In week 3, 26400.2 $FARM were issued (mint, burns 123).

4️⃣ In week 4, 24997.5 $FARM will be issued.

📉 $FARM emission in week 4 is further reduced by 19% from the planned emission in week 4 of 30824.4. We made this decision in consultation with active community members who expressed concern about the impact of high inflation rates on the long-term prospects for $FARM. After ensuring sufficient emission to bootstrap critical liquidity and incentivize capital providers, additional emission provides diminishing returns to Harvest, so we have decided to forgo this extraneous inflation.

📉 As a result, emission to the team and dev funds was also reduced by 19%. This is only 5.7% above the planned long-term emission of 23555 per week. We have stated before that the contracts allow for downward adjustments in the FARM emission rate and total supply. We are serious about doing what it takes to grow Harvest, and we are willing to take radical actions such as these emissions reductions when we are confident that they are in the best interests of the protocol.

💵 17498.25 $FARM (70% of week 4) will be distributed to capital and liquidity providers as follows:

💱 4021.3775 $FARM (23% of week 4) to stablecoin deposits into Harvest yield farming:

  • 1538.614 $FARM for USDC pool (6.2% of week 4 total)
  • 1678.488 $FARM for USDT pool (6.7%)
  • 804.2755 $FARM for DAI pool (3.2%)

₿ 2797.48 $FARM (16% of week 4) to BTC deposits into Harvest yield farming:

  • 1136.47625 $FARM for wBTC pool (4.6%)
  • 961.63375 $FARM for renBTC pool (3.9%)
  • 699.37 $FARM for Vault_CRV_renwBTC pool (2.8%)

🔷 699.37 $FARM (2.8% of week 4) to ETH deposits into Harvest yield farming

🦄 1223.8975 $FARM (4.9% of week 4) to UNI deposits into Harvest yield farming

  • 305.974375 $FARM for ETH-DAI pool (1.22%)
  • 305.974375 $FARM for ETH-USDC pool (1.22%)
  • 305.974375 $FARM for ETH-USDT pool (1.22%)
  • 305.974375 $FARM for ETH-WBTC pool (1.22%)

🚜 7867.9125 $FARM (31.5% of week 4) to $FARM liquidity providers:

  • 7736.780625 $FARM for Uniswap USDC/FARM pool (31%)
  • 131.131875 $FARM for CREAM Swap FARM/ETH 80/20 pool (0.52%)

🤑 888.2125 $FARM (3.6% of week 4) to $FARM stakers in the profit share.

 

UI User Requested Features Pushed 👩‍💻

  • Cream Bullish FARM Pool added
  • Stake page is now the 🚜 page
  • All inactive pools are now on the 🚜 page
  • 💁🏻 FAQ Updates
  • Current FARM price added to homepage
  • Link to buy farm added to home page
  • Re-enabled WETH deposits

 

Let us do the Hard Work instead!

As the crypto farmlands become a bit more tame, humble farmers can take advantage of this opportunity to take a breather and enjoy spending their newly found luxury of time at their cabins at the ⛵ lakes.

Meanwhile, Harvest will continue on its mission to enable high yield automated farming for all humble farmers through 🔬 constant experimentation and innovation in terms of new integrations, incentives and community initiatives.

Currently, the 📉 low gas costs are a great opportunity that any humble farmer can utilize to enter Harvest Finance.

💰 Depositing now would ensure a low cost of entry and keep the profit margins on your crops very healthy, while taking a step away and enjoying life before the crypto lands get wild again.

👉 Join 9000+ humble farmers via our Discord or follow us on Twitter for further updates.


Chad Farmer
Chad Farmer

Tilling the defi fields of Harvest.finance and reaping what I sow


Harvest.finance
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